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Mortgage Refinance Calculator
You could save
$84,451 in just 2 hours
through refinancing^Change the information below to see how much you could save
Option 1: |
Keep your monthly repayment the same as with your current lender
Benefit: Pay off your loan sooner therefore save lots on interest
| Lender |
Interest Rate |
Loan Term |
Monthly loan repayments |
Total interest paid over loan term |
| MyRate |
5.42% |
21 years 6 months |
$1,975 |
$207,765 |
| Your current loan |
6.23% |
25 years 1 month |
$1,975 |
$292,717 |
Your total savings: |
$84,451
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How much sooner will your loan be paid off? |
3 years 8 months |
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Option 2: |
Reduce your current monthly repayments and keep your loan term the same
Benefit: Save on interest and free up cash every month
| Lender |
Interest Rate |
Loan Term |
Monthly loan repayments |
Total interest paid over loan term |
| MyRate |
5.42% |
25 years 1 month |
$1,828 |
$248,493 |
| Your current loan |
6.23% |
25 years 1 month |
$1,975 |
$292,717 |
Monthly repayment saving: |
$147
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Your interest savings: |
$43,724
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Option 3: |
Reduce your monthly repayment even more and extend your loan term
Benefit: Free up even more cash every month
| Lender |
Interest Rate |
Loan Term |
Monthly loan repayments |
| MyRate |
5.42% |
30 years |
$1,688 |
| Your current loan |
6.23% |
25 years 1 month |
$1,975 |
Monthly repayment savings: |
$287 |
| Note: Taking advantage of option 3 will extend your loan term and will therefore mean that you will pay more in total interest over the life of the loan (assuming that you would pay off your existing loan in less than 30 years) |
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Refinancing with MyRate:
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| Your MyRate consultant will handle the refinance from start to finish and communicate with your current lender, saving you the hassle! |
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